06:47 AM EDT, 10/08/2025 (MT Newswires) -- Cenovus Energy ( CVE ) said Wednesday that it has entered an amendment for its agreement to acquire MEG Energy, representing its best and final offer.

Each MEG shareholder will now have the option to receive $29.50 in cash or 1.24 Cenovus common shares for each MEG common share for up to $3.8 billion in cash and 157.7 million in Cenovus common shares, constituting a mix of 50% cash and 50% shares, the company said.

The amendment values the company at about $29.80 per MEG share, an increase of about $1.32 per share based on current market pricing relative to the terms of the original agreement, the company added.

The special meeting of MEG shareholders has also been postponed to Oct. 22 from Oct. 9 to allow more time to consider and vote on the amended agreement.